Urdang Closes $463M Philly Area Fund

( Casey Freeman is associate editor of Real Estate New York and part of a three-person team now covering the Philadelphia market .)

PLYMOUTH MEETING, PA-Urdang Capital Management raised a total of $463 million in equity in its Urdang Value-Added Fund II. The company will use the fund to purchase office, retail, industrial and multifamily real estate properties throughout the US.

“Over the remainder of the fund’s investment period, which continues until late 2010, we expect to invest up to 15% of the fund’s capital in opportunities arising from the recent distress in the for-sale housing market, including unsold condominium projects and entitled land,” David Blum, a portfolio manager at Urdang, tells GlobeSt.com. “The balance of the fund’s capital will be invested the four main property sectors–office, retail, apartment, and industrial.” Urdang continues that “we expect to assemble a portfolio that is generally balanced among office, retail, and apartments, with a smaller allocation to industrial properties.”